Profits before tax at magic circle firm Clifford Chance fell 9% to £387m in 2012/2013 compared with the previous year, according to the firm’s financial statement returned to Companies House.

Total revenue for the year fell 2.45% to £1.271bn. 

In July the firm revealed a fall in profit per equity partner of 9% to to £1m. Managing partner David Childs blamed exchange rates and depressed merger and acquisition activity for the ‘disappointing’ results.

According to the statement to Companies House, the firm’s 16 management committee members shared £18m in remuneration, down £1m from 2012. 

Salaries and other remuneration of non-members fell to £443m, down from £445m the previous year. 

Net cash at the year-end fell £17m to £103m, compared with April 2012, it said.

In November magic circle firm Linklaters revealed pre-tax profits down by 3.4% on 2011/2012, according to Companies House records.